eBook Show Me How Print Item Question Content Area Issuing stock for assets other than cash On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 20,000 shares of $20 par common stock with a current market price of $28. Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Nov. 23
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Question Content Area
Issuing stock for assets other than cash
On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 20,000 shares of $20 par common stock with a current market price of $28.
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- Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 40,000 shares of Grecco Company common stock for $431,000 cash. Grecco has 120,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $489,900. Year 2 June 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $705,400. December 31 Kodax sold 9,000 shares of Grecco for $160,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.) View transaction listSafari File Edit View History Bookmarks Window Help V 4-2 Connect: Module 4 Homework i 11 7.5 points 4 eBook Print References Mc Graw Hill Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings, 1/1 Revenues Expenses The following book and fair values were available for Westmont Company as of March 1. View transaction list 2 Next > 2 l A 2 Help W Save & Exit Submit Check my work 00 + 00 00 Sat Jan 7 2:24 PM TILeBook Question Content Area Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $160 to $40 per share. After the split, there were 700,000 common shares outstanding. Date Account Debit Credit Jan. 5. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $43, recording the stock at cost. Date Account Debit Credit Mar. 10. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock…
- eBook Question Content Area Issuing Common Stock Palan Products Inc. sold 46,750 shares of common stock to stockholders at the time of its incorporation. Palan received $48 per share for the stock. Required: Question Content Area 1. Assume that the stock has a $16 par value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 2. Assume that the stock has a $9 stated value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 3. Assume that the stock has no par value and no stated value. Prepare the journal entry to record the sale and issue of the…Accounting Assume an investor company purchases all of the stock of the investee company in a stock purchase for $900 on 1/1/2022. The investee's balance sheet on the date of purchase is as follows: Accounts receivable $75 Mortgage payable $75 Inventories $150 Building $600 Stockholders' equity $750 Total assets $825 Total liabilities and equity $825 Assume the additional purchase price relates to the b uilding value not reported on investee company's balance sheet. The building held by the investee has a remaining useful life of 10 years on the acquisition date and depreciated based on the straight-line method. Also assume, subsequent to the purchase, the investee reports net income of $150 and pays $45 in dividends to the investor during 2022. Required: Provide all necessary journal entries related to this investment for the investor company using the equity method during 2022Exam Midterm_F22_C_send.pdf X + ure.com/courses/69731/quizzes/431211/take Journalize the following business transactions in the general journal form for Chosen Company. Accounting Transactions Transactions Investors purchased 1,000 shares of common stock at $5/share from Chosen Company. 2. Purchased $3,000 of inventory on account. Purchased equipment for $10,000, paying $3,000 in cash and the rest on account. 4. Paid $3,000 on account for inventory purchased from transaction 2. No. 1. 3. Assets Cash Accounts Receivable Inventory Supplies Prepaid Insurance Equipment Building Land Accumulated Depreciation Chart of Accounts Liabilities Accounts Payable Unearned Revenue Taxes Payable Notes Payable O Search the web Stockholders' Equity Common Stock Retained Earnings Service Revenue Sales Revenue Advertising Expense Utilities Expense Wages and Salaries Expense Insurance Expense Supplies Expense
- Quiz FART (Protected View) - Word PUTERI NUR AISYAH BINTI AZHAR FN File Home Insert Draw Design Layout References Mailings Review View Help O Tell me what you want to do Meranti Maju Bhd has the following equity balances at 31 December 2019. RM'000 Share Capital –Ordinary, 22,000,000 shares outstanding Retained Earnings Exchange Translation Reserve 47,300 283,800 5,350 During 2020, the following transactions occurred: Date Transactions 20 March Issued 1 million shares at a price of RM2.20 per share. The transaction cost related to the issuance of shares was RMO.15 per share. 30 September Declared a 2% share dividend to existing shareholders. The share dividend was distributed on the same date. The market price of share was RM2.40. 31 December Declared a cash dividend of RMO.50 per share on outstanding shares. Additional information: 1. 2. Profit for the year 2020 was RM12,000,000. Exchange translation loss recognized during the year 2020 was RM70,000. Required: (Round all figures to…lendocino College| * Chapter 12 Homework * CengageNOwv2 | Onlin X genow.com/ilm/takeAssignment/takeAssignmentMain.do?inprogress%3Dtrue eBook Show Me How Calculator Print Item Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 4% stock, $60 par and 250,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 125,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. fair market nrices of $77,000, $422,000, andeBook Fair value journal entries, available-for-sale investments Instructions 1 2 Tornado Inc. Instructions Hurricane Inc. purchased a portfolio of available-for-sale securities in Year 1, its first year of operations. The cost and fair value of this portfolio on December 31, Year 1, was as follows Print Item 3 Tsunami Corp. + Typhoon Corp. Total Chart of Accounts 5 Journal Final Question Name Number of Shares 770.00 1,210.00 2,140.00 Check My Work 3 more Check My Work uses remaining. Total Cost $13,552.00 30,129.00 43,870.00 $87,551.00 Total Fair Value $15,169.00 34,485.00 43,228.00 $92.882.00 On June 12, Year 2, Hurricane purchased 1,460 shares of Rogue Wave Inc. at $50 per share plus a $95 brokerage commission. Required: A. Provide the journal entries to record the following (refer to the Chart of Accounts for exact wording of account titles): 1. The adjustment of the available-for-sale security portfolio to fair value on December 31, Year 1. 2. The June 12, Year 2, purchase of…
- v2.cengagenow.com Glassdoor - Get Hired.... Northeast Mississippi C... S Click here to access Ce... CengageNOW Journalize the following transactions for Batson Co.: Sept. 1 Batson Co. purchased 1,200 of the 100,000 outstanding shares of Michael Corp. stock for $20.75 per share plus a $70 commission. Dec. 31 Michael Corp.'s total earnings for the period are $84,000. 31 Michael Corp. paid a total of $40,000 in cash dividends to shareholders of record. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Sept. 1 Dec. 31 Dec. 31 Previous Next Email Instructor Submit Test for Grading All work saved.OW21 Onlin teachin x N2 | Online teaching esource from Cengag... w.com eBook Cash Inventory Land Notes Payable tMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false V Xi Lin, Capital Feedback ps Panthère de Cartier... ✓ Show Me How Journalizing Partner's Original Investment assumed a $57,000 note payable owed by Lin that was used originally to purchase the land. Xi Lin contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $79,000 and a market value of $152,000. The inventory had a book value of $53,100 and a market value of $48,900. The partnership also Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank. 35,000 53,100 X 152,000 48,900 X 79,000 X 57,000 Pink Playful Femini... Check My Work 5 more Check My Work uses remaining. & MX Check My Work Record the assets at their current values, and record the liability at its current value. Lin's Capital…Content * CengageNOWv2| Online teachin x m/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false ajoutant à la barre de favoris. Importer mes favoris maintenant. An investor purchased 690 shares of common stock, $23 par, for $34,500. Subsequently, 95 shares were sold for $33 per share. What is the amount of gain or loss on the sale? a. $1615 gain Ob. $2,565 loss Oc. $1615 loss Od. $2,565 gan image008.png Previous N Anoceme W chang Blog Fuoback dol-reply Not.cations Mar 29 3 acer F12 PrtSc Pause F4 F9 F10 F11 Ins F5 F6 F7 F8 NumLk Sar Lk. SysRq Break & 7 * ) Backspa 5 е б 7 8